MANILA, Philippines - City & Land Developers Inc., a member of the Cityland Group of Companies, has obtained the Securities and Exchange Commission’s nod to sell P1 billion worth of short-term commercial papers.

Proceeds from the issue will be used for the company’s funding requirements.

The company has four commercial, office and residential condominium projects located along Pablo Ocampo Sr. Ave. (formerly Vito Cruz), Manila which were fully completed and operational, one on its final stage of completion at Emerald Ave., Ortigas, Pasig City.

The company started pre-selling Manila Residences Bocobo, a 34-story office and residential condominium project along Jorge Bocobo St., Ermita, Manila.

In the six months ending June this year, City & Land reported a net income of P124.51 million, up 16.14 percent from P107.21 million a year earlier. This translated to higher earnings per share and return on equity of P0.44 and 19.9 percent as compared to the previous year’s P0.38 and 20.49 percent, respectively.

Total revenues rose 20.72 percent to P517.87 million, mainly due to higher sales and completion of Grand Emerald Tower.

As of June 2011, City & Land had total assets of P2.03 billion.

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The Cityland Group is a trusted name in the real estate industry with a track record of developing prestigious condominiums. It has been in the property development business for over 25 years.